Joby Aviation Acquisition Tests Financing Plans
Joby Aviation acquisition expands the defense footprint and files an at-the-market offering, creating a funding path while raising dilution concerns.
KEY TAKEAWAYS
- Filed a definitive agreement to buy Resonant Sciences for $500M, expected to close in first half of 2027.
- Filed an at-the-market offering for up to $750M to fund certification, manufacturing, and acquisitions.
- Combined deal and ATM create a funding framework while increasing near-term dilution pressure for shareholders.
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Joby Aviation acquisition and financing developments unfolded in early August. In a shareholder letter on Aug. 5, the company reported second-quarter revenue and raised its full-year revenue outlook. On Aug. 11, it disclosed a definitive agreement to acquire Resonant Sciences and filed an at-the-market stock offering, increasing financing and dilution pressure.
Quarter Results, Guidance, and Financing Moves
In its Aug. 5 shareholder letter, Joby Aviation reported $38.6 million in revenue for the quarter ended June 30, 2026. The letter highlighted strong performance from its Blade passenger business, which generated $36.2 million of that total. This contributed to raising the full-year 2026 revenue guidance to $115 million–$125 million, up from the prior range of $105 million–$115 million.
Earnings-call coverage showed a GAAP net loss of $245 million for the quarter. Joby ended the period with about $2.3 billion in cash and investments and expected second-half 2026 cash use of $385 million–$415 million as it advances certification, manufacturing, and commercial readiness.
On Aug. 11, Joby disclosed a definitive agreement to acquire Resonant Sciences for a $500 million base purchase price, subject to customary adjustments. The filing described the funding mix as roughly $450 million in cash and about $50 million in Joby common stock. The transaction is expected to close in the first half of 2027, pending regulatory approvals and customary closing conditions, including national-security-related reviews and a Material Adverse Effect clause.
Local business coverage reported Resonant generated more than $100 million in trailing-12-month revenue and will become Joby’s dedicated defense unit after closing.
Separately, Joby filed a prospectus supplement establishing an at-the-market offering for up to $750 million of common stock, naming Morgan Stanley, J.P. Morgan, Allen & Company, and BofA Securities as agents. The prospectus states proceeds may support certification, manufacturing, commercial readiness, working capital, and acquisitions or investments. Agents may receive up to a 3.0% commission on gross sales.
Together, the at-the-market program and the cash portion of the Resonant acquisition create a financing framework that could accelerate certification and defense work while increasing near-term dilution pressure for shareholders.
